North Jersey Real Estate Blog

The Wyckoff Y is hosting a Winterfest tonight, January 27, from 7 to 11 pm in the Carl Pfiefer Performing Arts Center.

“Winterfest in Wyckoff” will feature specialties from local restaurants and eateries, including appetizers, light fare, desserts and more. There will be a cash bar and live entertainment.

Tickets are $30 per person. More info at http://www.wyckoffymca.org.

If you want to keep up with what’s happening in Bergen County, check out the new website Bergen.com.

It was created by the same team behind (201) Magazine, and covers:

– People and Places
– Things to Do
– Eat & Drink
– Fashion
– Shopping
– Health & Beauty
– Family

My favorite part is a section called “Vintage” which features old pictures of “Bergen County yesteryear.”

Everyone’s looking forward to the Super Bowl next Sunday! Go Giants!

This Sunday, since there’s no football (well, the pro bowl, but that’s not until 7 pm), why not come to an Open House at one of these four beautiful North Jersey homes. Each is spectacular in its own way — something for everyone!

Open this Sunday, January 29, 1-4 PM are:

48 Deer Trail, Ramsey | 4BR, 3BA | $724,750
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42 Howard Street, Wyckoff | 5BR, 4BA | $889,000
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31 Howard Street, Wyckoff | 4BR, 3.5 BA | $1,199,000

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966 Lily Pond Lane, Franklin Lakes, NJ | 4BR, 4FB, 2HB | $1,479,000

Here’s a useful app for your iPhone or Droid. Pocket Ranger’s State Park app:

Become inspired to explore NJ ‘s natural and historic world with this FREE mobile app—the only official app of New Jersey that allows you to access the most up-to-date park information such as upcoming events, weather conditions and safety alert communications, while taking in the scenery at your favorite area. Choose a park to visit by location, or by activity such as camping or fishing.

The latest monthly data from the National Association of Realtors (released last Friday) show existing home sales rose 5.0 percent in December from November, and were 3.6 percent higher over the level in December 2010.

NAR’s chief economist, Lawrence Yun, said that these are early signs of what may be a sustained recovery. “Record low mortgage interest rates, job growth and bargain home prices are giving more consumers the confidence they need to enter the market,” Yun said.

The national rate for a 30-year conventional, fixed-rate mortgage was 3.96 percent in December, down from 4.71 percent a year earlier.

Some positive trends:
• Foreclosures sold for an average discount of 22 percent in December, up from 20 percent a year ago.
• Short sales closed 13 percent below market value, compared with a 16 percent discount in December 2010.
• Available inventory has decreased since it peaked in July 2007, and is at the lowest level since March 2005

In the Northeast, existing home sales jumped 10.7 percent in December, which is 3.3 percent above a year ago.

This is good news. The housing market is beginning to stabilize, and actually improve. There is a lot of “pent up demand” – people who have put off purchasing but are finally getting off the fence. More buyers coming into the market means additional benefits for the overall economy. When people buy homes, they stimulate of lot of related goods and services.

This is a great way to start the year!

Source: http://www.realtor.org

You’re invited to the Open Houses this Sunday, January 22 at two beautiful Wyckoff Colonial homes. Just imagine how surprised your Valentine will be with a new home!

31 Howard Street: Curb appeal plus the floor plan that everyone wants. Formal LR, Formal DR, cook’s dream Kitchen that flows into the Great Room with fireplace. First floor office, laundry and walk-in pantry. Sumptuous Master Suite, plus another en suite bedroom. Four bedrooms in all, with 3-1/2 bathrooms.

42 Howard Street: Totally renovated in 2006 with an awesome Kitchen with doors to the private yard with inground pool. Five bedrooms and 4 full bathrooms! The Master Bedroom suite has a walk-in closet that will WOW you! All rooms bright and spacious.

For the week ending January 5, 2012, 30-year fixed rate mortgages averaged 3.91 percent, compared to 4.77 percent at the same time last year. It was the fifth consecutive week that the 30-year fixed averaged below 4 percent. [source: Freddie Mac]

It’s a great way to start the year, but how many more times in 2012 are we going to see that headline?

From the high numbers of guests we saw at Open Houses yesterday, I’d say that Buyers are well aware that these rates will not last forever. They were out yesterday! If you’ve been thinking about selling, this may be the time to do it!

966 Lily Pond Lane
Franklin Lakes, NJ

Stop by Sunday to preview this gracious CH Colonial
with large, bright rooms throughout and a private
yard featuring deck with retractable awning, patio with
pergola, cabana with powder room and outdoor shower,
plus room for swingset and play area!

Features:

–Living Room with fireplace
–Spacious Dining Room
–Incredible Great Room floor-to-ceiling fireplace, wet bar and French doors to deck
–Cook’s Kitchen loaded with amenities, large island, granite countertops
–Sunroom/Dining Area
–First floor paneled Library/Office and large Laundry Room
–Large Master Suite with dressing area and two walk-in closets, balcony overlooking Great Room
–Front and back staircases
–Huge finised basment with game room, home theater, office, exercise area, crafts room and loads of closets and storage

…and so much more!

Offered at $1,479,000

For more info and photos, visit:
www.sallyponchak.com/lilypond.asp

Call Sally for your exclusive showing.
201-981-8934

Wow! What a fabulous price reduction on a fabulous Wyckoff Colonial!

31 Howard Street is now offered at $1,199,000.

Call me today for your exclusive showing! 201-981-8934. You will NOT be disappointed!

Looking at the New Jersey Multiple Listing Service 2011 statistics for the 13 towns in the NW Bergen area, I’m wondering if maybe the North Jersey real estate market has hit bottom and 2012 will be the year we begin to rebound.

Real estate is local, and the national reports aren’t always relevant to what’s happening in a specific area.

Here in NW Bergen last year, the number of sales, average and median prices, and sale-price/list-price ratio were all slightly down from the previous year, while days on market went up slightly. The bottom line is that, on average, in 2011 not as many homes sold, and the ones that did took slightly longer and sold for less than ones that sold in 2010.

Have we hit bottom?? Of course we won’t know what “bottom” is until prices start heading back up. I can’t speak for the whole area, but for me, personally, business is definitely picking up. Through December and now into January, the number of calls I’m receiving from potential buyers and sellers has markedly increased over previous months. I think a lot of homeowners have finally come to terms with where the market is, and they’ve put off selling long enough. As for buyers, who knows how long interest rates and prices are going to remain this low, so to put off buying any longer is likely to cause regrets down the road.

Of course there are so many factors that play into the eventual recovery — how the European markets affect interest rates here, the shadow inventory of foreclosed homes that yet to hit the market, unemployment, consumer confidence, etc.

But I’m an optimist. Being in this business over 22 years, I have been through the up markets and the down markets. It always turns around. Based on how much my phone is ringing, I’m thinking that 2012 is going to bring the start of this market’s turnaround.